Stocks closed mostly lower, with the S&P 500 pulling back from the record highs reached Wednesday and the Dow also declining. The Nasdaq closed with a slight gain. CNNMoney's Tech 30 index also managed to finish higher, with an 11% jump in shares of AOL ( and 7% pop in )LinkedIn ( leading the way. )
Best Buy shares more than tripled in 2013, as investors bet on a turnaround at the company. Some traders on StockTwits wondered what the poor results could mean for Best Buy's future, given that the holiday shopping season is typically the strongest period all year for retailers.
StockTwits trader SDtrade said closing stores is typically part of a struggling company's turnaround process, so the announcement shouldn't be a surprise.
"$JCP Just part of their turnaround, who wasn't expecting they close bad stores?" he asked.
Citigroup's earnings were the first from the big six banks to disappoint investors. Shares declined more than 4% after reporting earnings and revenue that fell short of expectations.
Goldman Sachs' earnings were better than analysts' forecasts, but shares were also lower as the bank's profit in the last three months of 2013 fell 19% from a year earlier.
Shares of railroad CSX (Fortune 500) fell sharply after the company said its profit declined during the fourth quarter due to weak coal demand. Shares of rival railroads , Norfolk Southern (Fortune 500) and , Union Pacific (Fortune 500), which report results next week, were also down. ,
Dow components Intel (Fortune 500) and , American Express (Fortune 500) both reported earnings that missed expectations following the closing bell Thursday. Shares of each company declined in after-hours trading. ,
In other corporate news, shares of Nu Skin ( tanked following reports that the Chinese government has begun investigating the company following allegations from newspaper the People's Daily that the U.S. multi-level marketing skincare company is running a pyramid scheme in China. )
Nu Skin said the People's Daily article "contains inaccuracies and exaggerations that are not representative of Nu Skin's business in China" and claimed the "reporters did not attempt to verify any information with Nu Skin."
But traders had mixed reactions, with some seeming unconvinced by Nu Skin's response and others dismissing the investigations.
But stocktrader911 predicted Nu Skin shares would bounce back.
"Nothing to worry," he said. "It's just a game that is normal practice in China. Need to buy."
Shares of Herbalife (, a multi-level marketing nutrition company, also fell. Activist investor Bill Ackman has been accusing Herbalife of being a pyramid scheme since December 2012. But the company has defended itself. And many investors, including billionaire Carl Icahn, have placed bets on the company despite Ackman's bearish position. )
Shares of Hewlett-Packard (Fortune 500) moved higher as investors grew optimistic about the firm's plans to sell some new tablets in the Indian market. It was another big winner in the , Tech 30 index.
CEC Entertainment, ( the owner of )Chuck E. Cheese, announced that private equity firm Apollo Global Management ( was buying it for $1.3 billion. )
On the economic front, filings for initial jobless claims fell last week. A reading on consumer prices for December showed that inflation remains tame.
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